List of "Must Have" Fishing Ponds and Indicators for ThinkorSwim

[germanburrito]

So I try to keep it simple if MACD Value crosses above Average and MACD value is below Zero line then I look at Elastic Stoch to confirm uptrend and vice versa.

i dont even know where to start really, are those the only indicators you use? supertrend or blackflag tailing stop might help

 

[cswu1211]

@cswu1211 Don't click on the flames icon above the Add filter button and you won't get Top 10 SizzlingStocks.
To reload your scan click on the middle "hamburger icon"

Greatly appreciated

 

[cswu1211]

If I were to create a NEW Candlestick using Todays' CLOSE compared with OPEN previous 9 day ago, and make it a new candle, the color of the candle will be shown as the regular RED/Green.
How should I do to write the script?! Can someone help?! best wishes

def IsUp = close > open[-9];
def IsDown = close < open[-9];
plot PatternPlot =
..........I need help further.........

 

[horserider]

One cannot make a new candle the market makes the candles. Are you looking to show an uptrend/downtrend? What is the logic behind this? A more detailed description might help.
No idea if the code below works.


((Sum(IsUp, 9)[1] >= 0)) and
((Sum(IsUp, 1)[0] >= 0)) and
close[0] > open[9];

or

close[0] < open[9];

 

[Learnbot]

@Learnbot "keep it simple if MACD Value crosses above Average and MACD value is below Zero line" You mentioned you wanted trend strength, seems a MACD below the zero line is not showing strength.

I agree with you, that is why I wanted to see if anyone here up an point me in direction of a good trend strength indicator I can incorporate in my trading scheme. thank you for your help through

 

[rad14733]

@Learnbot TTM_Squeeze, TMO, and several other "Momentum" indicators would help with "trend strength"... RSI (Relative Strength Index), as the name implies, is yet another...

 

[Learnbot]

@Learnbot TTM_Squeeze, TMO, and several other "Momentum" indicators would help with "trend strength"...

Thank you! I’ll check them out. Really appreciate it

 

[horserider]

@Learnbot Sounds like you doubt what I said previously? It is not what indicator is used in the ones mentioned. It is how any of the oscillating indicators move. If they oscillate around a zero line that can be considered the neutral point. Movement above or below the neutral point would show a strengthening of the movement from that neutral point. Arbitrary levels are also assigned to illustrate say "overbought or oversold". Is that what is being represented? Think about it and send your thoughts. Further discussion can go on from there.

 

[Learnbot]

@Learnbot Sounds like you doubt what I said previously? It is not what indicator is used in the ones mentioned. It is how any of the oscillating indicators move. If they oscillate around a zero line that can be considered the neutral point. Movement above or below the neutral point would show a strengthening of the movement from that neutral point. Arbitrary levels are also assigned to illustrate say "overbought or oversold". Is that what is being represented? Think about it and send your thoughts. Further discussion can go on from there.

oh absolutely not doubting you bro... i m just a newbie you guys know way more than I do to be completely honest. I am genuinely thanking you for your insight.

 

[horserider]

Ok, Awaiting the answer to the question.

 

[Learnbot]

Ok, Awaiting the answer to the question.

The way I have been using MACD is based on value and average crossing. And yeah I agree MACD below zero doesn't indicate strength but to me it sorta indicates a change in direction (at least that how I use it so I might be wrong lol). So what my plan/idea was when MACD indicates a change in direction then I can look at a momentum indicator (TTM or TMO as suggested above) to assess if the change in direction is sustainable and then get into trade-based on my support and resistance area.

At least that's the idea not sure how it will pan out in real life lol

 

[Learnbot]

The way I have been using MACD is based on value and average crossing. And yeah I agree MACD below zero doesn't indicate strength but to me it sorta indicates a change in direction (at least that how I use it so I might be wrong lol). So what my plan/idea was when MACD indicates a change in direction then I can look at a momentum indicator (TTM or TMO as suggested above) to assess if the change in direction is sustainable and then get into trade-based on my support and resistance area.

At least that's the idea not sure how it will pan out in real life lol

@horserider So i took this TSLA trade this morning 9:50am (cyan verticle line is the candle I got in), as you can see MACD was below zeroline, Value crossed above avg line, my Stoch was in the over sold area few candles before and the price bounced off of my support line. So i took this trade, again this might have been a fluke or something but that was my thought process at least lol

 

[horserider]

@Learnbot Your lower indicators (MACD,TMO,Stoch) are showing the same information. TTM squeeze would also be the same except for the squeeze dots.
Let me try to change how you think of these indicators. As said previously, oscillating above or below a set level indicates strength in that move above or below. The farther above or below the stronger that move is. Say it reaches your arbitrary "OB/OS" level, is it telling you it is ob or OS or is it telling you I am very strong now.
Taking your TSLA example, the MACD had crossed below zero and is moving down(not very strongly) but then it moves up slightly(dark red bars) and then back down. Ideally this is what you want in a downtrend. Strength down, weakness up, strength down weakness up, strength down. At some point this trend will end but when does the down strength change to up strength, at zero technically, but maybe you want to pick 20 or 30, you can decide yourself. Besides the zero level around which it oscillates any other level is arbitrary. You could say at the zero level it is undecided. Maybe you wish to set a zone of maybe 20 to -20 as an uncertain , no trade zone. Depends how aggressively you want to trade.
You would want to include other factors also.
If you look at your trade, you bought at the zero level.

 

[wtf_dude]

There's really no reason to use TMO and MACD together, they're calculated slightly different but showing the same thing essentially. If you want trend STRENGTH, your best best is good ol' ADX or the Kaufman Efficiency Ratio. You'll have to do some setting tweaking though because of your time frame. I can tell you the Kaufman reacts faster than the ADX and won't float at a high value after a big drop.

 

[cswu1211]

One cannot make a new candle the market makes the candles. Are you looking to show an uptrend/downtrend? What is the logic behind this? A more detailed description might help.
No idea if the code below works.


((Sum(IsUp, 9)[1] >= 0)) and
((Sum(IsUp, 1)[0] >= 0)) and
close[0] > open[9];

or

close[0] < open[9];

Thank you very much for your attention. I just read a note on Japanese Ichimoku trading. Basically try to simplify too many lines of traditional Ichimoku chart. To do that then it's better to summarize the MARKET info from 9 days/wks candles into 1. That is to re-construct the 9 days/wks candles to form 1 new candle based only on the current day/wk CLOSE and OPEN 9 days/wks ago. So the NEW CANDLES only show solid Open-to_CLOSE (either up/down) style. There will be no High/low. It is essentially like combine 5 day candles into 1 weekly candle. It's a process of condensing the MARKET info I think. The following study may be the same analysis tools that we are familar with (Moving average......)?!

 

[horserider]

@cswu1211 Did you try what I suggested ? It should give you prints on the chart for any candle closing higher than the open of 9 candles ago. Let me know if you have trouble.

 

[Learnbot]

@horserider @wtf_dude you guys are awesome. Thank you for your help. I’lol try and implement you guys’ info over the weekend n learn more. Thank you again

 

[ziongotoptions]

@ugaotrader Great if it works for you. I am just pointing out you have multiple momentum studies all telling you the same information. I believe you could select one and make the chart less cluttered. How does the IWO Turning point work for you. It is supposed to have lots of information and option buy sell info. I have never figured it out and gave up.

Hey I actually have a question, what indicator were you showing, that highlighted stocks in a tight range, you said it was based off the RSI, it looked more polish compared to the B3 consolidation box

 

[horserider]

@ziongotoptions Is your post directed toward me? If so, sorry I have no idea to what you are referring. Please link to the post showing the indicator and I will help if I can.

 

[ziongotoptions]

@ziongotoptions Is your post directed toward me? If so, sorry I have no idea to what you are referring. Please link to the post showing the indicator and I will help if I can.

Thank you, its post number 3, I really like how clean that one is https://usethinkscript.com/threads/choppiness-index-indicator-for-thinkorswim.1277/#post-2885